Fleet raising pension; higher profits cited.

PROVIDENCE, R.I. -- Fleet Financial Group said its board voted to increase pensions paid to retired employees by 5%, effective Jan. 1.

The company said earnings have "improved steadily over the past few years and, in the same way the board increased the dividend, the board felt that it was appropriate to recognize retired employees for their years of service."

Fleet Financial raised its regular quarterly dividend to 30 cents from 25 cents last month, setting a payable date of Jan. 1 to holders of record on Dec. 3.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER